Dubai-based ride-hailing app Careem is reportedly in early talks with banks about a potential initial public offering (IPO).
Bloomberg cited sources as confirming the start of preliminary discussions by Careem as it prepares to hire financial advisers.
The listing could value the firm at $1.5 billion and is likely to take place by early 2019 if the talks proceed. Banks have yet to be appointed.
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Careem CEO Mudassir Sheikh said the company was focussed on expanding its operations to more international markets but described an IPO as a "natural milestone for a fast-growing business," according to Bloomberg.
The firm was previously valued at more than $1 billion in a $500 million funding round last year that saw participation from German automotive firm Daimler, Saudi billionaire Prince Alwaleed bin Talal, DCM Ventures and New York-based Coatue Management LLC.
This month, Careem launched in Gaza and Nablus in Palestine, and Baghdad in Iraq, and has operations in more than 90 other cities in 13 countries.
The company is preparing to launch a cheaper ride service in its home market, the UAE, after trial runs in 2017.
